Managing $1.5B, The Bartoli Private Wealth Management Group has moved to Wells Fargo Advisors from Morgan Stanley (InvestmentNews)
Steward Partners has acquired Ameriprise-affiliated Wisdom Rock Financial Advisory Group, adding $500M in assets (WealthManagement)
Two Merrill Lynch teams managing $1.4B have joined Wells Fargo's FiNet together as Twin Harbors Private Wealth(InvestmentNews)
In a double deal, Savant Wealth Management has acquired Oregon-based North Ridge Wealth Advisors and California-based Desmond Wealth Management bringing in $371M in total assets (Connectmoney)
New RIA Launch
A St. Louis-based advisor team managing roughly $836 million in client assets has left Ameriprise Financial to launch independent RIA The Bedford Group.
The firm will use Private Client Services for brokerage business and Charles Schwab as custodian, though the advisors remain temporarily registered with Ameriprise during the transition
Founded in 2016 by Joshua Wright as an Ameriprise practice, the new RIA is headquartered in St. Louis with additional offices in Wichita, KS and Ste. Genevieve, MO
Leadership includes Wright as CEO, alongside several founding advisors and executives, while a filing also revealed that Nicholas Tompras, CEO of Alpine Capital Research, holds an ownership stake in the RIA
Lido Advisorshas promoted founding partner Ken Stern to co-CEO and has named Brian Haloossim as President (WealthManagement)
Nevin Torres has been named Senior Vice President of CenterSquare's Capital Markets team (PRNewswire)
Arkadios Capital has recruited ex-Truist Bank executive Michael Childs to lead their new private wealth platform (Citywire)
Clara Sierra has been named as Managing Director of BridgePort Financial Solutions, a Cambridge Investment Research-associated RIA (WealthMangement)
AI Boom Distorting U.S. Economic Trends
Artificial intelligence is no longer just a growth catalyst for the U.S. economy—it has become a dominant force reshaping markets, trade flows, corporate profits and labor dynamics. Massive spending by AI hyperscalers is projected to surpass $800 billion this year and $1.1 trillion in 2027, eclipsing U.S. defense spending as a share of GDP. While headline economic growth appears resilient, much of the expansion is concentrated in AI-related investment such as data centers, software, and tech equipment, while the broader economy remains sluggish. The boom is also distorting trade balances, driving surging imports of semiconductors and advanced equipment from countries like Taiwan and South Korea. In markets, AI enthusiasm has fueled gains in mega-cap tech and semiconductor stocks, while profit growth outside the “Magnificent Seven” remains far weaker. Meanwhile, wage growth has lagged and workers increasingly fear AI-driven job displacement, despite limited evidence of widespread layoffs. Some economists argue that if AI investment frenzy faded, the economy could look more balanced rather than collapse outright.
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